The difference between transfer of ownership, title, delivery and risk Determined by clauses in the contract - can happen at any time, even after delivery Transfer of Documents of Title: Specified in Incoterms - linked directly to the transfer of risk and delivery of the goods Note: The title-holder bears the risks of loss or damage Delivery = handing over the goods from one party to another Transfer of title = Taking delivery & transfer of risk

Each Incoterm determines: When and where the seller provides the goods to the buyer and when and where the buyer is obliged to pay the contracted price Obligations for export/import licences, duties, taxes, etc. Obligations to arrange and pay for transportation and insurance Conditions for delivery by the seller and acceptance by the buyer Allocation of responsibility for risk of loss or damage Allocation of costs associated with movement of the goods Provisions regarding notices of delivery or dispatch of the goods Proof of delivery, transport documents or electronic messages Requirements of seller to check quantity & conformance of goods with the contract and to provide suitable packaging and markings Obligations of mutual assistance, information and documentation

Incoterms – Point of delivery of the goods and transfer of risk D DAF Delivered at frontier Upon delivery of goods at frontier (named place) - not unloaded DES Delivered ex ship When goods are placed at the disposal of the buyer on board the ship (named port of destination) Delivered ex quay DEQ When goods are placed at the disposal of the D buyer at the quay (named port of destination) Upon delivery of goods (at named place of DDU Delivered duty unpaid destination) not cleared for import and not unloaded DDP Delivered duty paid Upon delivery of goods cleared for import (at named place of destination), duty paid but not unloaded M10:U2:2.2-7